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Abandoned HECM Properties

Shannon HicksDecember 16, 2019December 13, 2019

by Shannon HicksDecember 16, 2019December 13, 2019046

Accounts of abandoned HECM properties highlight significant servicing problems for assigned loans “My mother passed 3 years ago and she had a reversed mortgage on her home that funds ran out several years ago. All documents were sent to the servicing company (death certificate, copy of the trust) in 2016. Since

Oops!

Shannon HicksDecember 12, 2019

by Shannon HicksDecember 12, 20192 252

Sometimes even professionals get it wrong Even experienced reverse mortgage professionals can find themselves explaining the key features of the HECM incorrectly to homeowners and professionals. What are the commonly misunderstood features?

How many will benefit from 2020’s HECM lending limit?

Shannon HicksDecember 9, 2019December 9, 2019

by Shannon HicksDecember 9, 2019December 9, 20192 432

How many borrowers in 2020 may benefit? While HUD’s announcement of the increase of the lending limit for federally-insured reverse mortgages is a positive development, it will likely only benefit a minority of future HECM borrowers in 2020. HUD’s 2019 annual report to Congress reveals that the average maximum claim

BREAKING: HECM Lending Limit Increased

Shannon HicksDecember 8, 2019December 9, 2019

by Shannon HicksDecember 8, 2019December 9, 20191338

HECM lending limits increased for the 4th consecutive year Tuesday, December 3rd FHA released Mortgagee Letter 2019-20 announcing the new maximum claim amount (or lending limit) for Home Equity Conversion Mortgages. The new limit of $765.600 is in effect for the calendar year 2020 and represents a nearly $39,000

Grateful for the Tough Times

Shannon HicksDecember 6, 2019December 3, 2019

by Shannon HicksDecember 6, 2019December 3, 20191333

Lessons learned in adversity are often a blessing

BREAKING: HECM Lending Limit Increased

Shannon HicksDecember 3, 2019December 3, 2019

by Shannon HicksDecember 3, 2019December 3, 20191147

HUD announces the new maximum claim amount for HECMs in 2020 Today FHA released Mortgagee Letter 2019-20 announcing the new maximum claim amount (or lending limit) for Home Equity Conversion Mortgages. The new limit of $765,600 is in effect for the calendar year 2020 and represents a $39,000+ increase from

November Top 100 HECM Lenders Report

Shannon HicksDecember 2, 2019December 3, 2019

by Shannon HicksDecember 2, 2019December 3, 201911184

Download this month’s report [pdf] View Annual Historical HECM Endorsements 2,842 HECM loans were endorsed (insured) in the month of NOVEMBER 2019 according to the latest data from Reverse Market Insight. This report was compiled from data courtesy of Reverse Market Insight.

New HECM Applications on the Rise

Shannon HicksDecember 2, 2019December 3, 2019

by Shannon HicksDecember 2, 2019December 3, 20191594

HECM applications surge in 4th quarter of FY 2019 FHA case numbers reflect a significant increase in application activity in the last quarter of fiscal year 2019. More interesting is the composition HECM loan types which reveal…

Abandoned HECM Properties

BREAKING: HECM Lending Limit Increased

New HECM Applications on the Rise

Despite Improvements a Call for HECM Structural Changes

Featured

Abandoned HECM Properties

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How many will benefit from 2020’s HECM lending limit?

BREAKING: HECM Lending Limit Increased

Grateful for the Tough Times

BREAKING: HECM Lending Limit Increased

November Top 100 HECM Lenders Report

New HECM Applications on the Rise

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